Automotive Off-Highway Engine Market is projected to expand at an impressive CAGR of close to 7% over the forecast period 2021-2031 - States Fact.MR
Over the past half-decade, demand has swelled at 2.3% CAGR, mostly for construction and agriculture equipment, small marine engines and gensets. Moreover, inception of industry 4.0 globally has mandated industry verticals to mobilize their supply chain networks.
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Over the coming years, demand for off-Highway equipment is expected to rise exponentially with large-scale investments in infrastructure development and capacity building by governments around the globe.
Similarly, large-scale industrial truck adoption by manufacturing and warehousing industries in order to boost productivity, maintenance, and workplace safety is creating huge demand for off-highway engines.
Furthermore, increasing adventure tourism among all age groups has kicked-off power sports vehicle demand, by virtue of which, power sports engine manufacturing industries are staring at the market with a bold eye.
However, the COVID-19 outbreak led to massive demand loss in off-highway engines. Cooperating to global lockdowns in order to prevent spread, infrastructure development was halted, global trade was disrupted, and people stopped spending on small power equipment such as power sports vehicles, lawn mowers, etc.
All these resulted in plunged global off-highway engine demand. However, long-term prospects look bright with the resumption of activities and industries across regions.
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Key Takeaways from Study
The global off-highway engine market is anticipated to add approx. 2X value to its market by 2031
Power output-wise, < 50 HP of off-highway engines are expected to increase at an impressive CAGR of close to % over the forecast period
North America is the consummate market with a value of around US$ 11.3 Bn in 2021, and is projected to inflate at a zestful CAGR of nearly 7% over the forecast period
< 4 L off-highway engines are opined to exhibit spry growth rate of 7% CAGR, while other fuels under fuel type segment are projected to add 2.1X value over the forecast period
East Asia is set to unleash high growth of more than 7% CAGR, owing to infrastructure development, global maritime trade, and manufacturing prowess of the region, with widespread implementation of high-end technology within the agriculture sector and supply chain operations
By application sector, industrial trucks are poised to bestow gracious opportunity for off-highway engines (7% CAGR), by virtue of increasing apprehensions of employee safety and improved warehouse management and mobilized supply chains
The market in the U.S. is projected to expand at a CAGR of close to 7%, while that in the U.K. at over 6%, through 2031
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Both, China and India are anticipated to experience a CAGR of around 8% over the next ten years
With the onset of COVID-19, the market suffered in 2020, and witnessed a growth of -4.4%; 2021 will see positive growth with the opening up of industries
“Increasing infrastructure spending, capacity building, and innovation for efficient engines are key drivers for off-highway engine sales,” says a Fact.MR analyst.
Innovative Product Launches and Targeted Acquisitions by Key Players
Cummins, in August 2019, extended its 2020 X15 portfolio to serve more markets and applications; the series engine included six new ratings with the existing four.
In 2019 Cummins and Isuzu announced a partnership in powertrain agreement. These partners will evaluate and carry out opportunities to jointly develop and bring new diesel-based powertrains to the global market.
In 2019, with growing demand for lighter, fuel-efficient, and powerful engines, Caterpillar launched two new engine platforms - CAT C3.6 and C13B. The company claims that these engines are powerful, compact, and easy to integrate.
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In June 2020, Caterpillar announced that it had acquired selected assets and employees of California-based robot and autonomy technology solutions company Marble Robot.
The acquisition was to further leverage its autonomous mining and solve problems of changing demands in the manufacturing industry.
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